Profits drop at Kansas City Life

Kansas City Life Insurance Co. on Wednesday reported a smaller second quarter profit, reflecting decreases in investment revenue and higher policyholder payouts.

The company said it earned $8.5 million for the three months that ended June 30, down from $10.9 million in the same quarter last year. Kansas City Life said a decrease in operating expenses partly offset the hits to its bottom line.

Revenue fell during the quarter to $116.5 million from $120.9 million in the previous year’s quarter.

For the first six months of 2014, Kansas City Life earned $14 million, down from $16 million through the first half of 2013.

The Star